FinCEN updates Alert on BOI Reporting

FinCEN has updated one of the alerts on its Beneficial Ownership Information Reporting webpage to acknowledge the Supreme Court's January 23, 2025, stay of a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland).

Although various reports have suggested that the SCOTUS action would allow FinCEN to again require entities subject to the regulation to file reports, FinCEN's Alert notes a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, and reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop.

Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.